SECURE Energy Services Inc. Enters Into Agreement to Acquire Ceiba Energy Services Inc.
CALGARY, ALBERTA--(May 15, 2017) - SECURE Energy Services Inc. ("SECURE") (TSX:SES) and Ceiba Energy Services Inc. ("Ceiba") (TSX VENTURE:CEB) are pleased to announce that they have entered into an arrangement agreement dated May 14, 2017 (the "Arrangement Agreement") pursuant to which SECURE has agreed to acquire all of the issued and outstanding common shares of Ceiba (the "Ceiba Shares"), a service provider of stand-alone water disposal and oil treating facilities in the Canadian energy sector (the "Transaction").
Under the terms of the Arrangement Agreement, SECURE will pay approximately $26 million for all of the issued and outstanding Ceiba Shares. Ceiba shareholders will receive $0.205 for each share, to be paid in cash or by the issuance of 0.02115 of a SECURE common share, at their election, provided that a maximum of approximately 1.3 million SECURE common shares will be issued (representing approximately 50% of the consideration to be paid to Ceiba shareholders).
- Category: Oil & Gas
- Published: 15 May 2017
- Written by Editor